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Letters and Commentaries

While the headlines have changed a lot since 1998, our long-held investment philosophy remains steady: focus on quality, think long term, and stay disciplined. Each quarter, we share our perspective not to predict the future, but to reaffirm the principles and decisions that guide our portfolios forward.

Latest Letter

Q4 2025 Dividend Quarterly Letter

Read the Letter
  1. Q4 2025 Dividend Quarterly Letter

  2. A Tribute to the Oracle of Omaha

    Q4 2025

  3. Q3 2025 Dividend Quarterly Letter

    Q3 2025

  4. Concentration Risk

    Q3 2025

  5. Easing Uncertainty and Strong Fundamentals

    Q2 2025

  6. Investing and Uncertainty

    Q1 2025

  7. Frequently Asked Questions

    Q4 2024

  8. Recalibrating

    Q3 2024

  9. Construction Landscape

    Q2 2024

  10. Innovation’s Path to Economic Impact

    Q1 2024

  11. Crystal Ball

    Q4 2023

  12. Anatomy of the Stock Market

    Q3 2023

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We work with a select group of clients who value long-term thinking and trusted partnerships. We’d welcome an opportunity to determine if there is a mutual fit.

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